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SMRT

SmartRent, Inc.

SMRT

SmartRent, Inc. • NYSE
$1.72 ▼ -1.15% (-0.02)
Market Cap $325.21 M
52w High $1.90
52w Low $0.67
Dividend Yield 0%
P/E -4.78
Volume 812.58K
Outstanding Shares 189.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $36.202M ▼ $16.596M ▼ $-6.27M ▲ -17.319% ▲ $-0.03 ▲ $-2.396M ▲
Q2-2025 $38.308M ▼ $24.353M ▼ $-10.86M ▲ -28.349% ▲ $-0.058 ▲ $-9.619M ▲
Q1-2025 $41.344M ▲ $54.851M ▲ $-40.184M ▼ -97.194% ▼ $-0.21 ▼ $-14.417M ▼
Q4-2024 $35.368M ▼ $23.111M ▼ $-11.423M ▼ -32.298% ▼ $-0.06 ▼ $-11.193M ▲
Q3-2024 $40.51M $25.194M $-9.923M -24.495% $-0.05 $-11.737M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $100.022M ▼ $335.797M ▼ $101.385M ▼ $234.412M ▼
Q2-2025 $105.044M ▼ $353.969M ▼ $115.12M ▼ $238.849M ▼
Q1-2025 $125.6M ▼ $366.065M ▼ $115.395M ▼ $250.67M ▼
Q4-2024 $142.482M ▼ $420.176M ▼ $130.741M ▼ $289.435M ▼
Q3-2024 $163.403M $448.593M $143.452M $305.141M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.27M ▲ $-2.133M ▲ $-1.091M ▲ $-1.73M ▲ $-5.022M ▲ $-3.224M ▲
Q2-2025 $-10.86M ▲ $-14.93M ▼ $-2.381M ▲ $-3.761M ▼ $-20.556M ▼ $-16.212M ▼
Q1-2025 $-40.184M ▼ $-12.169M ▼ $-3.469M ▼ $-1.505M ▲ $-16.882M ▲ $-15.638M ▼
Q4-2024 $-11.423M ▼ $-12.015M ▼ $-2.574M ▲ $-6.709M ▲ $-21.168M ▲ $-14.589M ▼
Q3-2024 $-9.923M $-3.684M $-3.028M $-17.414M $-24.032M $-2.211M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Hardware
Hardware
 $20.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲
Hosted Services
Hosted Services
 $20.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲
Professional Services
Professional Services
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement SmartRent has scaled revenue meaningfully over the past few years, showing that its products are gaining traction, although the most recent year shows a pullback rather than continued growth. The company has moved from losing money on each dollar of sales to earning a positive gross profit, which indicates better pricing, cost control, or product mix. That said, it still runs at an operating loss and reports negative net income, even though these losses have narrowed compared with earlier years. Overall, the income statement tells the story of a company that has moved beyond the early, highly unprofitable phase but has not yet proven consistent growth and profitability.

Balance Sheet

Balance Sheet The balance sheet shows a business that is still relatively asset-light with a solid, though shrinking, cash cushion. Cash levels have come down steadily from their post-listing peak, reflecting ongoing losses and investment, but the company still carries only minimal debt, which reduces financial risk. Equity has drifted lower over time as losses accumulate, signaling that SmartRent does not have unlimited room to absorb continued deficits without eventually raising additional capital or reaching profitability. In short, the balance sheet is currently sound but trending in a direction that makes progress toward sustained profits increasingly important.

Cash Flow

Cash Flow Cash flow is close to, but not yet firmly at, break-even. Operating cash flow briefly turned positive and then slipped back into modest outflow, which suggests that the core business is improving but still not fully self-funding. Free cash flow shows a similar pattern, helped by relatively low capital spending requirements. This is encouraging in that the burn rate is not extreme, but also a reminder that the company remains dependent on its existing cash balance and future improvements in margins or growth to fully stand on its own.

Competitive Edge

Competitive Edge SmartRent holds a strong position in the rental housing technology niche, especially among large multifamily owners and operators. Its key advantages are an integrated platform that combines hardware, software, and services, deep connections into major property management systems, and an open, hardware-agnostic architecture that makes it easier for customers to adopt and stay. These features create switching costs and some network effects as more properties join the platform. However, the market is competitive, with several other smart apartment and proptech players aiming at similar customers, so continued execution and customer satisfaction will be crucial to preserve this advantage.

Innovation and R&D

Innovation and R&D Innovation is a core part of SmartRent’s story. The company has built an end-to-end smart property ecosystem, including its own Alloy hardware line and a broad software suite for both resident experience and back-office operations. Recent moves into AI, such as its SMRT IQ assistant and predictive tools for maintenance and energy use, aim to deepen the value of its data and make the platform more “intelligent” rather than just automated. Investments into smart operations, centralized management features, and a Product Advisory Council show that R&D is being guided by large customers’ needs. The upside is a richer, more defensible platform; the risk is that continued spending on innovation must eventually translate into durable, profitable recurring revenue.

Summary

Overall, SmartRent looks like a focused proptech specialist that has built a credible foothold with major rental housing operators and a differentiated, integrated technology stack. Financially, it has progressed from early heavy losses toward better margins and near break-even cash flow, but it is not yet consistently profitable and its cash balance has been trending down. Strategically, its strengths lie in deep software integrations, an end-to-end offering, and active investment in AI and smart operations, which together form a meaningful competitive moat. Future performance will hinge on reigniting steady revenue growth, successfully scaling its higher-margin software and services model, and turning its innovation efforts into durable, self-sustaining profitability while navigating a competitive and fast-evolving market.

NEWS

November 17, 2025 · 4:15 PM UTC

SmartRent Names Sangeeth Ponathil Chief Information Officer

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November 12, 2025 · 9:00 AM UTC

SmartRent Launches Product Advisory Council to Shape the Next Generation of Property Technology Solutions

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November 5, 2025 · 8:00 AM UTC

SmartRent Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 4:05 PM UTC

SmartRent to Report Third Quarter 2025 Financial Results on November 5, 2025

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October 9, 2025 · 3:30 PM UTC

Pankaj Bansi Joins SmartRent as Chief Transformation Officer

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